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MONDAY, NOVEMBER 23, 2009
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NEWS ABOUT: bank scandal

bank scandal stories: 6 news summaries

'Devastated' Stanford:
I'm No Thief 

Billionaire denies running Ponzi scheme, points finger at former CFO

Apr 21, 09 2:25 AM CDT
(Newser) - “As God is my witness, there is no Ponzi scheme," accused swindler Sir Robert Allen Stanford told the Houston Chronicle yesterday. His financial companies were well-run before the government seized and "disemboweled" them, claimed the billionaire. If any fraud was committed at Stanford Financial, it was done... More »

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SEC • Ponzi scheme • bank scandal • Stanford Financial Group • Robert Allen Stanford

INTERVIEW

Tearful Stanford 'Madder Than Hell' at Ponzi Charges

Tycoon expects indictment in 2 weeks

Apr 6, 09 4:00 PM CDT
(Newser) - Sir Robert Allen Stanford expects an indictment from the feds in a couple of weeks, but maintained his innocence in an interview with ABC News. The disgraced financier cried and told his interlocutor, “I will punch you in the mouth” if he mentioned reports that Stanford laundered drug money.... More »

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crime • drug trafficking • money laundering • Ponzi scheme • federal indictment • bank scandal • interview • Stanford Financial Group • Robert Allen Stanford

(Newser) - Even as Washington rails against AIG’s bonus giveaway, the insurer is quietly suing the government for $306 million in tax payments, the New York Times reports. AIG’s case hinges largely on its use of offshore tax havens, including one entity that handles executive compensation. It also says it... More »

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lawsuit • AIG • Internal Revenue Service • tax code • bank scandal • bailout • tax haven

Fraud Case Breaches Venerable Swiss Secrecy

Nation's tradition of bank secrecy imperiled by UBS investigation

Oct 1, 08 10:50 AM CDT
(Newser) - Swiss authorities are cooperating with an American investigation into a tax fraud scandal, dealing a major blow to the nation's tradition of banking secrecy. Swiss bank UBS is alleged to have helped up to 20,000 American clients evade taxes by stashing their fortunes—collectively worth $20 billion—in undeclared... More »

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Department of Justice • Switzerland • UBS • tax evasion • tax fraud • bank scandal • Swiss bank • bank secrecy

Credit Suisse Cuts Profits $1B on Trader Errors

Trader 'error' prompts bank to take $2.85B writedown; shares plummet

Feb 19, 08 6:58 AM CST
(Newser) - Credit Suisse share prices plummeted 10% today after the bank announced that some traders had overvalued asset-backed securities, prompting the bank to take a $2.85 billion writedown and drop first-quarter profit projections by $1 billion, Bloomberg reports. Switzerland’s second-largest bank suspended the traders and said it would review... More »

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Credit Suisse • Qatar • corporate earnings • banking • bank fraud • financial institutions • sovereign wealth funds • Jérôme Kerviel • Société Générale • subprime crisis • bank scandal

Rogue Trader Says SocGen Looked the Other Way

Kerviel says he was up $2B at the end of 2007

Jan 31, 08 11:00 AM CST
(Newser) - Jérôme Kerviel, the trader at the root of the $7.1 billion scandal roiling French banking giant Société Générale, says his bosses knew what he was up to, and they didn't stop him as long as he was generating huge profits—$2 billion by the... More »

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futures market • Jérôme Kerviel • Société Générale • trader • bank scandal • rogue trader

6 Stories


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